Climate Reporting Entities (CREs)

• All registered banks, credit unions, and building societies with total assets of more than $1 billion.
• All managers of registered investment schemes (other than restricted schemes) with greater than $1 billion in total assets under management.
• All licensed insurers with greater than $1 billion in total assets or annual premium income greater than $250 million.
• Listed issuers of quoted equity securities with a combined market price exceeding $60 million.
• Listed issuers of quoted debt securities with a combined face value of quoted debt exceeding $60 million.
• Authorised Bodies, who are managers of registered schemes and operate under the licence of another manager, where the total assets under that licensee (including assets of all authorised bodies) exceeds $1 billion.

Use these flowcharts to help determine if your organisation is a Climate Reporting Entity:

These charts are only for guidance. They should not be considered to be, or relied on as, legal advice.
Please ensure you undertake your own due diligence.

• MIS managers
• Licensed insurers
• Banks, credit unions & building societies
• Listed issuers
• Authorised bodies

For more technical questions determining whether your organisation is a CRE, download the "Am I a Climate Reporting Entity?" fact sheet. 

The climate-related disclosures legislation gives the External Reporting Board (XRB) a mandate to develop and issue climate standards as part of a climate-related disclosures framework. 

XRB has released its final Climate Standards. View the Climate Standards from XRB.

They are:

• Aotearoa New Zealand Climate Standard 1: Climate-related Disclosures (NZ CS 1)
• Aotearoa New Zealand Climate Standard 2: Adoption of Aotearoa New Zealand Climate Standards (NZ CS 2)
• Aotearoa New Zealand Climate Standard 3 – General Requirements for Climate-related Disclosures (NZ CS 3)

The Aotearoa New Zealand Climate Standards apply to reporting periods beginning on or after 1 January 2023.

First climate statements will be published in 2024.

• Prepare an annual climate statement that discloses information about the effects of climate change on their business or any fund they manage.
• Prepare climate statements in accordance with climate standards issued by the XRB.
• Obtain independent assurance about the part of the climate statements that relates to the disclosure of greenhouse gas (GHG) emissions for reporting years ending on or after 27 October 2024.
• Make the climate statement available to the public.
• Comply with record-keeping requirements.

This plan provides a summary of our approach to monitoring the compliance of CREs with the legislative requirements under the FMC Act and reporting obligations under the CRD framework. It is primarily intended for CREs, their directors and other authorised bodies.

Download the Climate-related Disclosures Monitoring Plan 2023-2026 

The Financial Markets Authority (Levies) Regulations 2012 set out the levies payable by industry. The levies are set by Regulation on the recommendation of the Minister of Commerce and Consumer Affairs. This recommendation is based on advice from the Ministry of Business, Innovation, and Employment.

This document outlines the levies related to the new Climate Related Disclosures regime.

The regulations relate to a climate reporting entities obligations under the Financial Markets Conduct Act 2013 (as amended by the CRD Act), and prescribes –  

1. the manner in which climate-related disclosure records are to be kept;
2. how climate-related disclosure records are to be made available for inspection; and
3. sets infringement fees for non-compliance.

Please note, these regulations come into force on 2 October 2023.

Read the Financial Market Conduct (Climate-related Disclosures) Amendment Regulations 2023 (SL 2023/222)